The Augmented Reality Market is estimated to grow at a robust CAGR over the forecast period (2021-2028).
The factors driving growth of the Augmented Reality Market includes increasing application of augmented reality in wearable and smart devices, rising penetration of connected devices, commercialization of 5G technology, growing focus of companies on enhancing customer’s experience and improvements in the living standards. For instance, the number of Internet of Things (IoT) connected devices worldwide were calculated around 8.6 billion in 2019 and is expected to reach 25.2 billion by the end of 2028, which is expected to accelerate the Augmented Reality Market size in the approaching years. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Virtual Reality, expansion of the manufacturing industry, and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, strategic mergers, and collaborations between companies, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, growth of the Augmented Reality Market is hindered because the long-term use of smart glass may cause post-traumatic stress.
The major players operating in the market are Vuzix Corporation, DAQRI, Wikitude GmbH, Magic Leap, Inc., Google LLC, Microsoft Corporation, PTC, Zugara, Inc., Seiko Epson Corporation and Lenovo, among others.
Based on Offering, the Hardware segment is predicted to capture the largest market share during the forecast period
Growing demand for AR based hardware across healthcare, education and construction, industries, is propelling the segment’s growth.
Based on Application, the Healthcare segment is projected to grow at a significant CAGR over the forecast period
As per the Augmented Reality Market Research, increasing adoption of Augmented reality in the healthcare industry for medical training, surgical visualization, and education, is pushing the segment’s growth.
Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period
According to the Augmented Reality Market Analysis, presence of the leading players such as Microsoft Corporation, Google LLC and Apple, Inc., growing penetration of smartphones, rapid industrialization, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.
Segmentation by Offering
Segmentation by Device Type
Segmentation by Type
Segmentation by Application
Segmentation by Region
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland